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A loan worth $1000 collects simple interest each year for 6 years. At the end of that time, $270 of interest has accrued. What was the annual interest rate for this loan? a. 4.25% b. 5.75% c. 5.5% d. 4.
Kmort
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Nov 24, 2022
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A loan worth $1000 collects simple interest each year for 6 years. At the end of
that time, $270 of interest has accrued. What was the annual interest rate for
this loan?
a. 4.25%
b. 5.75%
c. 5.5%
d. 4.5%
Mathematics
high-school
Kmort
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Nov 24, 2022
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Kmort
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1
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Answer:
B
Explanation:
Use a calculator and do it step by step.
Pradeep Bishnoi
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Nov 28, 2022
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Pradeep Bishnoi
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